Deepak Builders & Engineers India Ltd's IPO allotment is expected to be finalized today, following a robust subscription rate of 41.54 times on the last day of the share sale. The Rs 260 crore offering attracted bids for 37.24 crore shares against 89.67 lakh shares available, with a price range set at Rs 192-203 per share. Investors can check their allotment status on KFin Technologies or the BSE website, with shares scheduled to list on the BSE and NSE on October 28.
Anand Rathi has upgraded Kajaria Ceramics to a Buy rating with a target price of Rs 1,695, citing a 35% potential upside. Despite a 5% year-on-year revenue growth to Rs 11.8 billion, the company faced a decline in EBITDA and PAT due to input cost pressures, with management optimistic about demand in the tiles industry for the second half of the year.
Major ETF providers, including BlackRock and Amundi, are competing for a share of the anticipated $5 billion to $10 billion inflow into Indian bonds, following JPMorgan's decision to increase India's weighting in its emerging-markets bond index from 4% to 10% by March. Amundi's global head of ETF, Benoit Sorel, emphasized India's growing significance in emerging-market debt, noting that professional investors are increasingly interested in allocating to this market.
UBS's CEO reported that the integration of Credit Suisse is progressing well, though challenges remain in transferring clients to UBS's IT platform. Meanwhile, the Swiss Financial Market Supervisory Authority, Finma, has criticized UBS for needing to revise its emergency plans for potential restructuring and insolvency, leading to a suspension of the annual approval of these plans.
06:47 24.10.2024
KR Choksey has downgraded Persistent Systems Ltd to "REDUCE" from "HOLD," citing an unfavorable risk-reward profile after a 61% stock surge over six months. The firm projects a revenue/PAT growth of 17.0%/21.0% for FY24-FY26E and sets a target price of INR 5,441, reflecting stretched valuations with a 1Yr Forward P/E at a record high of 65.6x.
Nvidia's Jensen Huang engaged in a significant dialogue with Mukesh Ambani at the NVIDIA AI Summit 2024 in Mumbai, focusing on the transformative impact of AI across industries. The conversation highlighted India's emergence as a global leader in AI, emphasizing its pivotal role in shaping the future.
Madhya Pradesh has secured investment proposals exceeding Rs 31,000 crore during the fifth Regional Industry Conclave in Rewa, which are expected to create over 14,000 jobs. Key investments include Rs 12,800 crore from Siddharth Infratech in renewable energy, Rs 4,000 crore from Rithwik Projects, and Rs 1,000 crore from Patanjali Ayurved in wellness and food processing sectors.
Luzerner Kantonalbank, with a market capitalization of CHF 3.24 billion, offers a stable dividend yield of 3.8% backed by a low payout ratio of 46.5%. Recent earnings growth of 15.8% enhances its appeal, despite trading below estimated fair value. The Swiss market's slight downturn highlights the attractiveness of dividend stocks for reliable income amid volatility.
06:39 24.10.2024
Varun Beverages reported strong Q3CY24 results, with consolidated revenue of INR 48,047 Mn, a 24.1% YoY increase, surpassing estimates. EBITDA grew by 30.5% YoY to INR 11,511 Mn, and PAT rose 23.7% YoY to INR 6,196 Mn, driven by improved operating performance and lower tax expenses. KR Choksey maintains a BUY rating with a target price of INR 738, reflecting a 24% upside from the current market price.
Indian stocks are facing significant pressure from foreign selloffs, with over $8 billion withdrawn this month, marking the largest exodus since early 2020. Despite this, domestic investments from mutual funds, banks, and insurance firms have exceeded $10 billion in October, helping to limit the MSCI India Index's decline to about 6%. Year-to-date inflows have surpassed $50 billion, setting the stage for a potential record annual total.
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